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Jan 7, 2013
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i know freddie mac -- the gses were off the table. they settled with freddie mac in 2011. but there was talk of a settlement, but that hasn't happened as of yet, correct? >> that is currently $8.5 billion settlement that has gone back to a judge. they're trying to figure out whether the ruling that was made was actually something that both sides can agree on. we're still waiting for a ruling there. $8.5 billion is what the previous settlement was. now, there's a question over whether it could be more than that, whether the judge will let that settlement go through. but if it is more than that, and if they do need to go back to the drawing board, that could be a long and winding road and the bank could end up reserving more for that. we don't think that will be something that's a big lingering question mark. that's something that the bank has already reserved for on the private side, david. >> got it. all right. kayla, thank you. >> the s&p rallying to levels we haven't seen since the financial crisis. with the new highs, how much longer can we hold. tom lee over at jpmorga
i know freddie mac -- the gses were off the table. they settled with freddie mac in 2011. but there was talk of a settlement, but that hasn't happened as of yet, correct? >> that is currently $8.5 billion settlement that has gone back to a judge. they're trying to figure out whether the ruling that was made was actually something that both sides can agree on. we're still waiting for a ruling there. $8.5 billion is what the previous settlement was. now, there's a question over whether it...
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Jan 24, 2013
01/13
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mac to a large degree and we have a settlement on a private label. the real task is to finish up the cleanup of the mortgages themselves and we have been working hard on that. that's where there say lot of upside in earnings going forward because the numbers of people we had topped out about 58,000 people this quarter. we were able to bring that down by 9,000. that provides good expense leverage going forward. >> a lot of people wondering if, in fact, we're going to see further cuts on wall street. give than you have already been cutting down quite a bit, in terms of jobs, in terms of allocating money in certain areas, because of this, can you say that the cuts are down or are there more to come? >> if you think about the businesses what we refer to as wall street, the perspective i give you is we downsized our investment banking staff when europe slowed down and when asia slowed down. we're largely done in those areas. always trimming and working. but when you -- that's really what people are talking about in terps of wall street. the rest of the co
mac to a large degree and we have a settlement on a private label. the real task is to finish up the cleanup of the mortgages themselves and we have been working hard on that. that's where there say lot of upside in earnings going forward because the numbers of people we had topped out about 58,000 people this quarter. we were able to bring that down by 9,000. that provides good expense leverage going forward. >> a lot of people wondering if, in fact, we're going to see further cuts on...
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Jan 10, 2013
01/13
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and what about housing, fannie mae, freddie mac? another big topic on the table. and dodd-frank does not fix or finish the too big to fail issue. that remains on the table. then there's all the stuff we used to think about the treasury secretary's job. the spokesman for the greenback, negotiating with china, and other of our trading partners. and, of course, the g-20, the imf, the world bank, and of course, the business community. so, if you could take a wider view of all this, the debt ceiling that was always sort of there never quite as intense as it is now. global finance, bigger part, almost a new job for the treasury secretary. oh, i didn't even mention dealing with iran and sanctions. and of course this was the normal brief of the treasury secretary. joe, i have to say that i've covered seven treasury secretaries, in various forms of intensity over the years. jack lew is probably comes to the job with the least independence of any of the seven. whether or not he can gain that independence in the job, unclear to me. i would point out that that independence is
and what about housing, fannie mae, freddie mac? another big topic on the table. and dodd-frank does not fix or finish the too big to fail issue. that remains on the table. then there's all the stuff we used to think about the treasury secretary's job. the spokesman for the greenback, negotiating with china, and other of our trading partners. and, of course, the g-20, the imf, the world bank, and of course, the business community. so, if you could take a wider view of all this, the debt ceiling...
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Jan 10, 2013
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fannie mae and freddie mac as well as more on too big to fail. that's some of the new stuff. how about the old stuff in not an easy job either. he's the main spokesman for the greenback. he will negotiate with china and other partners, as well. and then he's the representative when it comes to the g-20, the imf, world bank and of course what about that other thing, he is the liaison with the business community. if we take a wider view, clearly lew's expertise is right here. he'll have to get up to speed on these issues especially when it comes to financial regulation. he did spend some time at citigroup. and over here, you either grow into this job or you don't. figure out how to talk to the market about the dollar or you mess it up. and simon, you've been doing this almost probably as long as i have and you know every treasury secretary comes to that test on speaking about the dollar, they tend to fail it it the first time, but then get it right for the rest of the tenure. >> for as long as 20 years they've been talking about a strong dollar policy. let me ask you the centra
fannie mae and freddie mac as well as more on too big to fail. that's some of the new stuff. how about the old stuff in not an easy job either. he's the main spokesman for the greenback. he will negotiate with china and other partners, as well. and then he's the representative when it comes to the g-20, the imf, world bank and of course what about that other thing, he is the liaison with the business community. if we take a wider view, clearly lew's expertise is right here. he'll have to get up...
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Jan 25, 2013
01/13
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he and philip swegell published an op-ed on fixing fannie mae and freddie mac. perhaps the only alum to land back in government, bob steel, former domestic expert at wachovia, sold to wells fargo. he's now new york city's deputy mayor for economic development. quite a yearbook of people, carl. back to you. >> interesting to watch where those people go in the year ahead. thanks, kayla. want to draw your attention to exxon and apple. exxon reclaiming the mantle as the world's most valuable company. .07%. that caps what's obviously been a tough week for apple. you can see the stock now at 443.90. when we come back, the company helping people around the world pay for online shopping without a credit card or bank account. we'll find out how it's done when we come back. [ male announcer ] some day, your life will flash before your eyes. make it worth watching. introducing the 2013 lexus ls. an entirely new pursuit. we all work remotely so this is a big deal, our first full team gathering! i wanted to call on a few people. ashley, ashley marshall... here. since we're o
he and philip swegell published an op-ed on fixing fannie mae and freddie mac. perhaps the only alum to land back in government, bob steel, former domestic expert at wachovia, sold to wells fargo. he's now new york city's deputy mayor for economic development. quite a yearbook of people, carl. back to you. >> interesting to watch where those people go in the year ahead. thanks, kayla. want to draw your attention to exxon and apple. exxon reclaiming the mantle as the world's most valuable...
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Jan 8, 2013
01/13
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in sending people to overconsume which is what we did with freddie mac and fannie mae, you need the government out of the housing market. except maybe with something that's really designed to help low income people. not something that drives the whole market. >> this is obviously a debate that's going to continue. john is staying with us. thank you very much for coming in. >> my pleasure. >> coming up planning for your portfolio the year ahead. we're going to continue our what's working series with john rogers when we return. at a dry cleaner, we replaced people with a machine. what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally. ♪ [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. >>> when we come back get ready for the trading day ahead.
in sending people to overconsume which is what we did with freddie mac and fannie mae, you need the government out of the housing market. except maybe with something that's really designed to help low income people. not something that drives the whole market. >> this is obviously a debate that's going to continue. john is staying with us. thank you very much for coming in. >> my pleasure. >> coming up planning for your portfolio the year ahead. we're going to continue our...